No plans to buy back unsold flats due to Ethnic Integration Policy
The government has no plans to buy back flats from homeowners who claim they are unable to sell their units due to the Ethnic Integration Policy (EIP)...
View of new HDB flats in Singapore. (Source: HDB)
The Teck Whye View Build-To-Order (BTO) project in the non-mature estate of Choa Chu Kang was the most sought-after in the Housing and Development Board’s (HDB) latest sales exercise, reported the New Paper.
In fact, over 2,400 applicants vied for the 322 units of three-room and four-room flats there as of 5pm on Monday (12 February), meaning more than seven applicants competed for a unit. This surpassed that of Ubi Grove’s, another BTO project in the mature estate of Geylang that was expected to be popular with would-be buyers.
SEE ALSO: Ultimate BTO guide
HDB launched its latest sales exercise on 6 February and it closed at midnight yesterday.
According to Eugene Lim, Key Executive Officer at ERA Realty, the buyers may have been drawn by the project’s proximity to Bukit Panjang MRT station.
Another reason is the affordable prices there starting from $190,000 for a four-room unit (inclusive of grants) he said, adding that prices of similar flats in Geylang’s Ubi Grove are higher by two-fold.
Meanwhile, PropNex Realty Key Executive Officer Lim Yong Hock attributes Choa Chu Kang’s high subscription rate to a relatively lower supply of BTO flats in Singapore’s western region amidst the area’s growing population.
Although there were two BTO launches in the west last year – Clementi in February and Bukit Batok in August – the units in the former were pricier than those in Choa Chu Kang. For instance, a four-room flat in Teck Whye View starts from $250,000, while that in Clementi were priced from $432,000.